Constellation Brands' profit slumps in 3Q

ROCHESTER, New York (AP) — The maker of Robert Mondavi wine and Svedka vodka says its third-quarter profit fell 25 percent on weaker wine and beer sales in North America.

Constellation Brands Inc.'s earnings narrowly missed Wall Street estimates.

The New York-based company reported net income of $104.8 million, or 52 cents per share, in the September-to-November quarter. That's down from $139.3 million, or 65 cents per share, a year earlier.

Excluding one-time items, Constellation earned 50 cents per share. Wall Street expected 53 cents per share, according to a survey by FactSet.

Its revenue slumped 27 percent to $700.7 million from $966.4 million largely because it sold the bulk of its Australian and British wine business last January.

Its wine and spirits sales in North America fell 4 percent. Beer sales dropped 12 percent.